Riyadh, February 4, 2024, Solutions by stc, a key player in driving digital transformation in Saudi Arabia and the region, has successfully concluded the acquisition of a 40% stake in Devoteam Middle East. Devoteam Middle East is a subsidiary of the globally recognized Devoteam Group, renowned for its leadership in digital consulting. The acquisition, with a total value of approximately SAR 741.7 million, was completed following the necessary regulatory approvals, formalizing the deal sanctioned by relevant authorities in the Kingdom.
The strategic acquisition aligns seamlessly with stc Group and Solutions by stc's growth strategy, focusing on expanding into new markets and emerging business sectors. This move strategically positions both entities to capitalize on investment opportunities within the dynamic landscapes of the information and communication technology sector in the Kingdom and the broader region.
Solutions by stc CEO, Eng. Omer Abdullah Alnomany, highlighted the significance of the alliance between Solutions by stc and Devoteam Middle East. He emphasized that this collaboration would contribute to a more extensive and diversified business portfolio for both organizations. The joint efforts aim to deliver seamlessly integrated and innovative services adhering to the highest digital standards, meeting evolving market demands for technological products and digital solutions in the Kingdom and beyond.
Alnomany stated that the acquisition empowers clients of both companies to navigate the continuous evolution and innovation in technology services and digital products, expediting their digital transformation journeys towards business growth and sustainability.
Eng. Osama Ghoul, the Group Executive Vice President and Managing Partner of Devoteam in the Middle East, described the partnership with Solutions by stc as a significant milestone for their company, solidifying their presence in the Middle East. He emphasized that Solutions by stc plays a pivotal role in driving digital transformation within the Kingdom of Saudi Arabia, while Devoteam stands out as a frontrunner in the realm of digital consulting. Together, they share a vision to expand the delivery of premium digital services to a broader customer base across the region, from strategy development through design to execution.
Devoteam Middle East holds the largest market share in Saudi Arabia's digital consulting market, according to the IDC Global Market Research Report published in 2022. The company has a robust presence across local, regional, and global markets, coupled with extensive expertise in digital transformation, cybersecurity, cloud solutions, business process optimization, and automation. The acquisition solidifies the commitment of Solutions by stc and Devoteam Middle East to further propel digital innovation and excellence in the region.
